WASHINGTON — The Obama administration on Tuesday announced $14 billion in commitments from U.S. businesses to invest in Africa, as representatives from nearly 100 American and African companies gathered in Washington to discuss ways to boost economic partnerships. During a panel discussion with CEOs, former President Bill Clinton declared that the U.S. has “only barely scratched the surface” of Africa’s economic potential. Indeed, Africa’s economy is enjoying rapid advancement. The continent is home to six of the world’s fastest-growing economies. And a decade of solid growth has created a middle class with increased spending power – 350 million strong in 2010 by the African Development Bank’s count, up from 220 million in 2000.
Other nations, most notably China, have been moving aggressively to tap into growing African markets. China surpassed the U.S. as Africa’s largest trading partner in 2009. “We also realize we have some catching up to do,” said Michael Bloomberg, the former New York City mayor and a billionaire businessman. “We are letting Europe and China go faster than the U.S.” President Barack Obama was scheduled to address the business summit Tuesday afternoon.
The American companies represented at the day-long meeting include Chevron, Coca-Cola Company, IBM and Mastercard. Also participating in the forum was Jeff Immelt, the CEO of General Electric. During the panel moderated by Clinton, Immelt appealed to the U.S. Congress to renew the charter for the Export-Import Bank, which helps finance American exports. Some Republicans want to shutter the bank when Congress returns from recess next month, arguing that the bank’s spending is politically motivated and unnecessary.
But Immelt said Tuesday that the bank signals to other countries that the U.S. government is interested in investing overseas. “The fact that we have to sit here and argue for it is just wrong,” he said. The business commitments being announced by the Obama administration Tuesday include a $2 billion investment by GE by 2018, $200 million in investments across Africa by Marriott, and a $66 million commitment by IBM to provide technology services to Ghana’s Fidelity Bank. The business forum is part of a broader U.S.-Africa summit being held in Washington this week. Nearly 50 African heads of state are in Washington for the three-day conference. Beyond boosting business ties, the summit also focuses on security partnerships and supporting a new generation of African leaders.
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This Week’s Celebrity Instagrams (11/26-12/2)
30 photos Launch gallery
1. Little Legend and Puddy 😍😍😍😍
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2. "You on point Phife?" "all the time,Tip". 💥 #bannedfromnormal
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3. Vegan! The Impossible burger at Crossroads
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4. Lawrence #BeforeandAfterEpisodes 1-4: 184lbs 13% body fatEpisode 8: 196lbs 8% body fat S/O @coachdaveboxing with the works outs and @kildareriordan with the nutrition
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5. Jus haaaanngin out
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6. Meanwhile back at home in Atlanta GA someone mad they not on the 🛳. 😳
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7. No limits... Photo cred: Chris Bridges @ludacris
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8. new new
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9. Apparently my 260lbs is too much for the actual vines in the Hawaiian jungles to hold me without breaking and me falling hundreds of feet. So for safety purposes, I'm forced to swing thru #Jumanjj on wires strong enough to hold 12 adult buffaloes and 1 adult Rock. #OnSet #Jumanji #IronicallyIEatBuffaloDailyForLunch #MoreManThanNatureKnowsWhatToDoWith
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10. hey ma! 🎎#wcw 💙
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11. Surprise visit to our factories!!! #GoodAmerican #USA
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13. Peachy Keen 🔥✨⚡️
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14. If this don't look thankful I don't know what does. Happy Thanksgiving to you and yours. #UltraBlessed #24kMagic #SweetPotatoFly
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15. Late nights @nbcmarlon with the writers... we in here!!!
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16. There goes my baaaaaaaaabbbbyyyyy #QueenKingMagic!!! We're up to something! Ira BIG!!! Stay out our buisness -
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17. You want to win every game you play but when you come home to these faces... who cares. #ILoveYouGirls best part of my day, everyday!
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18. Steady,steady..... full size jenga.. "I got this one "???? Or do I ?
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19. Cornrows kind of day 😉@dontaysavoy2 you convinced me and I love. ❤️️
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20. #BrotherlyLove #tbt
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22. #basel #TeamLOVE @kingcombs
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23. Just introduced a special screening of @directher 's groundbreaking (must see) documentary @13thfilm with my brother @themichaelealy | @unitedblackout #blackoutblackfriday
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24. Me & Vanessa Williams giving #DuckLips #Pose on the set of #DaytimeDivas @vh1 - Coming Soon to a tv near you. Lol. - My make up done by @makeupsurgeon
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25. This picture just makes me wanna praise the Lord, you hear me!!!!!! Yes Lord brotha #TEDDYCAMPBELL What a #man !!! You are everything right on this picture husband ......... #gorgeous #stylish #classy #strong #masculine #king #sexy #debonair #gentlemenstyle And that #bible in your hand just seals the deal for me (probably cause i know that, that is what helped you become just as amazing as you look😘). While my heart and mind experiences the goodness of God at #church on Sundays, my eyes experiences the goodness of Teddy😍. Amen somebody🙌🏽. "Bless the Lord oh my soul and all that is within me bless his holy name" #myman #myhusband #goodman #blackman #dapperman #godlyman #goodfather #mybestfriend
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26. Yesterday was my mama's 53rd birthday!!!!! Got to celebrate with her all day. If this is what I have to look forward to I can't wait. Looking like a soft bucket a cocoa butter. Yaaaaaaaaaas! 😍😍😍 love you mommy!
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27. "Shout out to @PureAtlanta for getting the family right"....I'm loving this jogger. 😍😍
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28. This pic warms my heart ❤️ #myLogiebeans and aunt aunt umba @itowandabraxton 😘
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29. You will always be my baby😜. #HappyBirthdayReginae #mybaby18
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30. GC "Gods Child" Red on Red SweatSuit available now at www.MonicaApparel.com ... Take Your Crown wherever you go!! I'm pictured in a Medium... Go to the site now for other options ... cc: @trukernell
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